The National Assembly on Tuesday ratified three investment promotion and protection agreements with Kuwait, Russia and the Organisation of Petroleum Exporting Countries Fund for International Development, as Government steps up efforts to attract FDI. The three were presented by Finance and Economic Development Minister Patrick Chinamasa.

Minister Chinamasa said ratification of the Kuwait agreement, signed in 2000, would promote Zimbabwe as a safe investment destination.

He said Kuwait was a major producer of much-needed fertilisers and Zimbabwe could also access lines of credit from the Kuwait Fund.

“Finalisation of this agreement will result in an increased investment into our economy and we hope to create many jobs directly and indirectly from the agreement,” he said.

Minister Chinamasa said Zimbabwe had much to benefit from Russia, the world’s eighth-largest economy, especially in mining.

Russia is a major producer of oil, natural gas, military hardware, timber and nickel.

“Finalising this agreement will also help mitigate the effects of the sanctions on our economy,” Minister Chinamasa said.

On the OPEC Fund for International Development, Minister Chinamasa said Zimbabwe could access financial assistance. He said it was important that Zimbabwe created friendships with as many countries and institutions as possible.

“When we look at our institution, we need to develop friendships with all countries irrespective of our political ideologies,” he said.

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